However, it is critically important for owners to have proper and adequate insurance.

And even if you are still paying thousands out of pocket every month, that's still better than wasting money on rent for two critical reasons: not only are you building equity in your primary residence, but your building a lot of equity very quickly because of the income from the tenants who are contributing to your mortgage. 

This is critical.

There is a little more red tape for FHA loans around safety related aspects like chipping paint, broken windows, etc., but a great choice to jump into the game!

@Taylor Witt the most critical thing I'd try to figure out is how long have these two spaces been vacant.

Any reason the rental aspect would disqualify that exemption?

@Mike Dawson- there are LLPA ( loan level pricing  adj )  for   1) property being a rental  2) loan to  value  3) property being a condo  4) possibly for the  condo tel aspect  ..... all these  lead to  rate/ term  pricing being  higher ...many lenders  wont  lend on condo tels ......the lenders  able to  lend on  condotels  will  likely price their loans  high as  they have a  bit of a captive  market  ....I  would  recommend  trying to  find the lenders  that have  made loans in the  subject complex and  contract these  lenders for options  

Finally, it is important to consult a local attorney who can advise me on the legal aspects of purchasing such property and answer any questions I may have in regards to potential liabilities associated with owning it.

So ironic he just criticized getting a partner…and he made it sound like getting a partner means that partner is automatically hooked on drugs……..bleh.  

Hello there,It's my understanding that the LLC alone does not offer you protection, it merely separates you from your business, hence the limited liability aspect.